Tag: will

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Why Time Secured?

Imagine this, Shaun and Alice prepared a will that gives guardianship of their son Sam, to Alice’s brother Mike. Although they want to share the will with some of their other family members, they are worried that their guardianship wishes can cause some family friction or awkwardness, especially from the two sets of grandparents. They’re also worried that hard copies of the will might get lost or become outdated if other family members have different versions.

Then there is Kim, she wants to make sure her daughter Erin has her banking information but doesn’t want to give her that information just yet. She’s worried Erin might use it for a mini shopping spree! As a single mother, Kim constantly worries about how Erin can easily access her banking account if something were to suddenly happen to her if she goes into a coma or worse.

Jillian wants her online business email and social media accounts closed off if something serious were to happen to her, but she won’t give access to her sister Tonya just yet, especially since some of those accounts have confidential and financial information. She worries that her sister may not have her latest passwords because she changes them often for security reasons.

As the world becomes more digitized, sharing all sorts of documents online is becoming the norm. But there still isn’t an easy way to share important documents at a time of your choosing. Time Secured is the first app of its kind to fill that gap.

With the Time Secured app – you can easily create beneficiaries, assign them files and choose when they receive those files. You can share time-sensitive documents by setting the exact time and date they are sent. The Time Secured app makes time-based file sharing easy. It is available on both iOS and Android platforms and can be used for regular documents as well as larger multimedia files such as videos and audio files. You can try it for 1 month and see how it can work for you and it is easy to download on both iOS and Android platforms.

Right now, there are few options for storing important documents, and having them be accessible to others at a certain time. For example, after you write your last will, you can keep it with a lawyer or in a bank’s safety deposit box. But the fees are high, flexibility is limited, and if you decide to update the documents you may incur additional fees. Plus in the case of a deposit box, you will have to give access to someone else. Otherwise, a court order is required to access the box after you pass.

Other digital services allow you to store your files but do not solve the problem of providing access to the files at a time of your choosing. For example, Google Drive and Dropbox require a long and tedious process to get access to the files of a deceased person. Time Secured does this with little effort.

With Time secured there is one less worry by saving you the stress of wondering whether your loved ones will have the most up-to-date documents if you are not around. It will also save you from sharing sensitive information when you are not ready to do so. It is easy to set up, user-friendly, and fully customizable. You decide what is accessible, who gets access, and when.

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What is a Will Executor?

When someone close to you passes away, or even you, it can be a trying experience for the family and loved ones of those that pass away. In addition to dealing with mourning and grief, there are a number of practical matters that need attention, and right away, including funeral arrangements, obtaining death certificates, reading the will, probate, distributing assets, and so forth.

Hiring an estate executor (also known as the personal representative, administrator, estate trustee, or liquidator) can make the difference between an easy process to an extremely stressful one.

The executor’s responsibility is to manage and wind up the deceased person’s estate, resolve any debts, distribute assets to heirs, and file legal paperwork. Some of the tasks might include the following:

Arrange Funeral — Request burial or cremation, organize the memorial, order death certificates, etc.
Take Inventory — Find and organize all estate assets and debts
Become Executor — Get appointed by the court (if going through probate)
Send Notifications — Notify friends and family, social insurance, banks, credit cards, etc.
Manage Estate — Maintain and care for assets; plan asset disposition
Resolve Debts — Pay off debts in full, or arrange for debt forgiveness
File Taxes — Submit relevant tax returns: decedent income, estate income, etc.
Make Distributions — Distribute net assets to heirs
Wrap It Up — Finalize the estate settlement, including probate final accounting (if applicable)

Some tasks can be performed by anyone, such as notifying next of kin, while others have strict legal requirements. For example, some jurisdictions require that an estate administrator resides in the deceased same jurisdiction which can be difficult. Fees and costs related to getting an Executor, especially if you have limited assets, can be significant but in many cases tax exempt.

The role of an executor can be complicated and involve tax, legal, and other financial decisions. It may also be contentious depending on family dynamics. While most people choose an executor when they draft their first Will, life events typically trigger a re-evaluation of who should take on that responsibility for you.

Be sure you are careful with whom you appoint, that they are ready for the job, and that you use Time Secured to give them all the necessary and updated information for them to properly implement your final wishes.

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Should I Write a Will?

Why have a will? Even if you don’t have much to leave behind when it comes to material things, having a will is one of the most important things you can do.

You probably had a few people talk to you about it (or maybe not) – had a few family friends bring it up every time you meet, it can be an annoyance, and frankly you are likely avoid talking to them for that purpose. Realising how important it is, even later in my life, has made all the difference.

Most people will say I don’t have much to leave in terms of money, or things, but it can be as simple as saying who the guardians are going to be of your kids, even if there is an understanding before you pass away. Emotions will run high and people will start to overstep if you don’t make sure things are all clear.

If you don’t have kids or much else to be taken care of once you leave, a will is good to prepare simply to say you don’t have anything to give away – as simple as that! It has it in black and white, there is no confusion, and everyone is clear on what you do (or don’t) have; and what you want to do with it.

Lots of free will preparation websites and templates you can find online depending on the jurisdiction you live in. Also worth making a health decision consent form (and probably even more important to you since you’ll be alive or a version thereof) – where you give authority to people to make treatment decisions for you. Don’t panic you can stipulate when it comes into force, so no one is going to make medical decisions for you arbitrarily. This is another big one and is almost as important as the final will.

Making a will is a favour you do for those you leave behind, giving them clarity, keeping their conscious clear and avoiding unnecessary bad blood when they are already reeling from a difficult time. If you haven’t lost anybody close to you it’s hard to prioritise this as a top concern. But take it from someone whose experienced a close death early on, it’s really one of the main things I make sure I do knowing what I’ve gone through. Hopefully you don’t need it anytime soon, but it wouldn’t hurt to have it ready when the time comes, which can be a sudden shock.

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Money Talk 101 (Ontario)

So you decide, eventually, to be responsible and worry about money (or lack thereof). It’s a dry topic, but one day you’ll get an AHA! moment and realize you’re head has been buried in the sand for way too long.

You should know that all your income is taxed, and if you can find a way to lower your taxable income (legally) then you will end up paying less taxes and still making the same amount of money. Here are a few things to think about as you try to get your money under control, and remember early is better but it’s never too late.

Tax Reduction Options

In Canada (Ontario), there are plenty of tools to work with – here are a few ideas that can help lower your taxable income:

TFSA – This is money from your income (already taxed) but the interest is nontaxable
RRSP – This gets removed from our taxable income and you can be in a lower tax bracket paying less taxes (but when you use it upon retiring it will be claimed as income then)
RESP – This gets removed from our taxable income and you can be in a lower tax bracket paying less taxes government may make payments depending on your contribution – becomes taxable when used for Education purposes)

Life Insurance

Insurance for you, your spouse and even your kids is important. So the sooner the better, and you probably got told this many times but until you have kids you didn’t really care. You could be paying the price for starting late but the longer you wait the worse it gets. Invest in a life insurance plan that includes disability coverage and one that’s also an investment, so the money you put in actually goes into investments and in a few years you can choose to take withdraw it back with the profit (which is taxable) or keep it as an ongoing insurance policy.

Some also get salary coverage (if you loose your job and income due to a disability, but the instalments get way steeper and you still have the option of withdrawing the investment amount whenever you want. Look at the whole package you’re signing up to.

Even for kids, the sooner the cheaper. Get each of them a life insurance plan if you can. This is not a way to cash in on misfortune, but think of it as an investment for their future selves. When they grow up and have kids, to have already contributed and covered until their old age, easing their burden is priceless. It is can cost a 100 dollars a month for 20 years. Once they reach a certain age (say 18), they can make their own contributions.

Investment Property Sale

Also worth thinking about, if you have more than one property, this little tidbit. If you have a rental property that is not your main residence and decide to sell it, the government can take up to 50% of its value in fees and taxes. Before you sell, you make it your prime residence and then sell it to avoid this. Does not matter if you put it in your spouse’s name or not you are both treated as one. Alternatively, you can put it in another persons’ name, but that is also considered a sale when you transfer and you’ll pay the government’s horrific fee. So watch out, or plan to live in it for a few months before you sell it.

Last Will and Personal Directive

Last advice worth sharing is that a Will is the most important thing you can do, whether you have kids, on your own, just married. It keeps changing as your life, your money and your debts change. But make one. This is the most important thing you can make, there are plenty of free kits and cheap ones that you can use that suite the jurisdiction you’re on, as well as software and apps that can manage it, Time Secured App is one terrific tool to help with that.

Otherwise, it will take a long time to make your money accessible to the people that need it, and they will be forced to pay your crazy debts. It will also help with kid guardianship and include assets that you have which people who will have to deal with it on your death may not know about.

Equally important is a Personal Directive will, which is used when you have a big accident and you end up in a coma or life support. It says whether you want to stay on life support or unplug, where you want to donate your organs or not, etc. It gives people permission to make those decisions when you are unconscious saving them a lot of confusion, headaches, heartaches, and potentially costs. These two you need to do ASAP –and are a definite must.

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Sensitive Info for later, only with Time Secured

How can you send a will and other sensitive information to loved ones….but after you are no longer around or living. Obviously, you do not want to give account information, passwords, email access, social media access early on. Nor can this information be included in a will because someone can see it and use it, nor could it be hidden and maybe misplaced or forgotten. Is there a way to make sure all that information goes out – but after you pass away to make it easier for those who stay behind?

The short answer is yes. As the the first app dedicated to this type of service, Time Secured is a new option but a welcome one in this limited industry.

Simply, you log in, set your various vaults, upload the information, and designated “beneficiaries” who will get an email with steps to set validation questions/answers and some info. Upon death the beneficiary will submit a request for info release and validate through the question/answers set earlier, an alert will be sent to you to confirm this is ok with you depending on the number of days you set, a wait period will be allowed for you to cancel their request (if you are still alive!). Otherwise the files will be sent if no response is received from you within the wait period.

There are no excuses not to secure your information and ensure the right people have the right information at the time of your choosing.

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Simple 10-Step Estate Planning Checklist

The sooner you start, the simpler you will find estate planning! The longer you leave it, the more complex and the greater the chance you will miss out on regulatory and tax breaks. So, where do we start? By breaking down the process into simple bite-size bits.

Estate planning BC is simple in principle but can be pretty complex in practice, especially with no preparation. Essentially, you need to know your starting point, where you want to be, and the most efficient way to get there. Our estate planning checklist walks you through the process, prompts you to think about specific areas in isolation, and brings everything together at the end. Whether looking at online wills BC, trustees, beneficiaries or the ever-changing regulatory environment, there is much to consider.

1. Review Your Assets and Liabilities

The first stage of estate planning BC is to review your assets and liabilities, employment, investment and other sources of income. Even though many of us have an idea in our head as to what we are worth, liabilities and plans for the future, when written down on paper they may differ significantly. Therefore, every element of your financial life must be noted in this review. This ensures you can make plans for the efficient structure of your estate and gives you a starting point, a foundation going forward.

2. Appoint Financial Advisers

When you have a list of your assets, liabilities and income sources, this is the time to approach a professional financial adviser. They will sit down with you; look at your assets and liabilities in more detail and your hopes and aspirations for the future. While you will likely need some legal representation to complement your financial adviser, the degree of additional assistance will vary. If you have a relatively simple estate, it should be reasonably easy to keep the cost down when looking at estate planning BC.

Those with business interests and assets spread across Canada and the rest of the world may need specialist assistance. When it comes to business interests, there may already be pre-existing arrangements with directors/partners which need to be respected. In many ways, advice is the key in the early stages, as this will guide you in the appropriate direction.

3. Identify Your Goals

As we touched on above, if you don’t know where you wish to go, how will you know when you get there? Typically, people leave the vast array of their estate to family and close friends. Indeed there are rules and regulations regarding estates; if no will or instructions exist, assets will be shared out amongst spouses/partners, children and the wider family. So it is essential to recognise how you wish your assets to be shared at a relatively early stage.

Would you like your partner/spouse to receive everything and manage part on behalf of your children? If there are significant assets available, it may be an idea to set up a trust fund for your wider family. Do not automatically assume that those “left behind” are in synch with your thoughts. They may not know about your goals and wishes for your assets. You must leave no element of confusion!

4. Create an Estate Management Plan

The only way that estate management BC looks simple is because you have done the groundwork; you have started relatively early and taken it piece by piece. Now that you know your assets and goals for the future, it is time to establish a formal estate management plan. This will incorporate several individuals such as trustees, lawyers, financial advisers and beneficiaries. You may require additional assistance in some cases, such as a particularly complicated personal/business life.

The next stage of the estate planning checklist is to appoint the relevant people and build on the foundations with the legal paperwork.

5. Appoint trustees/executors

Whether we are talking about online wills BC or the more traditional written will, you must have trustees and executors in place. This prompts the question, what is the difference between a trustee and an executor? A trustee is in charge of managing the estate before it is passed to the beneficiaries. An executor is an individual/company appointed to carry out the deceased’s wishes. They will be involved in many activities, which can include any of the following:-

Applying for probate
Valuing the estate
Settling inheritance tax
Registering the death
Arranging the funeral
Closing relevant accounts
Collating assets
Distributing funds/assets

Many people are misguided and automatically assume that the executor and trustee have similar roles. This brings us to other questions, such as; can an executor be a beneficiary in British Columbia? While legally, there is no reason why not, from a moral/simplification point of view, the easiest thing to do is to appoint executors that are not beneficiaries.

6. Complete the Relevant Paperwork

Now that you have your team in place, your list of assets/liabilities and have begun taking formal advice, now is the time to complete the relevant paperwork. When we say “paperwork”, many will be aware that online wills BC are now recognised under the law and legally binding. Consequently, this section applies to both online and physical wills.

When it comes down to placing your instructions on paper, there is a growing trend toward excluding immediate friends and family from discussions. This allows the individual to remain focused on what they want, not being overly influenced by the hopes and aspirations of others. Unfortunately, even relatively quiet, unassuming people can turn into hard-nosed individuals if they feel they have been “wronged” in someone’s will. Therefore, you must add as much detail to your will as possible, leaving no room for different interpretations or legal wrangling.

Failure to create a watertight will can, and often has, resulted in legal action. This not only drags the individual’s family through the courts but can also lead to significant costs, which may be taken out of the estate. In this situation, nobody benefits.

7. Register Estate Documents

Even though there are numerous ways in which you can leave instructions after your death, many people still use the Canada Will Registry. This is a handy starting point for family and friends on your demise. The registration document will note executors and trustees, those allowed access, and details of how your estate should be split. While there is no legal requirement to register estate related documents prior to your death, if they are lost or destroyed, this can cause serious problems.

8. Store Estate Documents

There are numerous methods of storing estate documents to ensure they are to hand upon your death. These include:-

Lawyers
Banks
Financial advisers
Trusted parties
Cloud services

It is also essential that out of date wills and estate related documents are correctly destroyed. Failure to do so will only cause confusion which could lead to more legal challenges and significant costs. In addition, you will make the situation much more transparent so that everyone knows where they stand.

In recent years we have seen the emergence of virtual storage facilities for legal documents. These services also ensure the timely release to trustees and executors. Due to a change in British Columbia regulations, it is now perfectly legal to store your will and last testament in the clouds. While slowly starting to be appreciated by the wider public, this is a significant development.

9. Adapt and Maximise Regulatory Changes

The idea that your estate planning checklist is a one-time visit, a one-off event, is a fallacy. As we have all seen, governments in British Columbia, across Canada and the globe are regularly changing financial regulations, including estate laws. While dependent upon the type of government, new rules may emerge which are beneficial, while others may increase the government’s tax take from your estate.

Whatever the situation, it is vital that you adapt your estate planning checklist to make the most of often complex regulatory changes. Your advisers should rubberstamp any significant adjustments to the structure of your estate.

10. Annual Review of Your Estate Planning

It is good housekeeping to review your finances and your estate planning checklist on an annual basis. Sometimes, you may require additional advice throughout the year, while other scenarios may require a simple box-ticking yearly meeting. However, you must sit down with your advisers regularly. It may be that your personal circumstances have changed, your finances have exceeded initial expectations, or there may be family issues.

An annual review ensures that there is regular communication between advisers and clients. It also allows all parties to discuss any issues at hand or potential challenges going forward. Do not underestimate the importance of an annual client meeting!

Fail to Prepare, Prepare to Fail

When looking at our estate planning checklist, everything appears simple, straightforward and obvious. This is the whole point of the checklist, breaking down a potentially complex task into more manageable bite-sized chunks. Focusing on specific issues instead of the broader picture encourages a high level of detail and greater understanding.

It is essential to have peace of mind while also exerting control of your assets before your death. This ensures that an estate that may have taken decades to build is directed at your preferred beneficiaries. By failing to prepare, you are preparing to fail; it is as simple as that!

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Ultimate Guide to Writing Your Own Will

“Do I have to pay a lawyer to draft a will?” If you’re reading this, chances are you’ve asked yourself this question.

Well let me reassure you; you really don’t. The toughest thing about drafting your own will is navigating through the legal requirements, technical jargon, and the ocean of rules and regulations. If you screw up your taxes, you can always go back and correct it; but if you screw up your will, there are no do overs for obvious reasons.

That’s why we’ve set out to create the most comprehensive guide to will-writing on the internet that’s simple to follow so that anyone can draft a legally recognized will. That being said, let me preface this by saying: we would still recommend you to see an estate attorney if your estate situation is complex. This is a guide for people with relatively simple estates that would like to save on costs.

We want to make sure our information is accurate. Therefore, we read the Law Society’s Professional Legal Training Course material so you don’t have to.

Table of Contents

Why Even Write a Will? The Importance of Estate Planning
What to Include in the Will
Conditions for a Will to be Recognized in Court
Signing (Executing) the Will
After signing the will
- Wills notices
- Wills storage best practices

Why Even Write a Will? The Importance of Estate Planning

Before we get into the nitty gritty, it’s important to understand why having a will is so important.

If someone was to pass away without a will, that person is said to have died intestate. In the case of a person passing intestate, their estate will be distributed based on preset statutory rules.

Here’s why passing without a will might not be ideal for you:

Risk of beneficiaries being disqualified from assistance programs

Since you have no control over how your estate will be distributed, the result might disqualify your beneficiaries from assistance programs.

Here is an example: Your spouse was on BC’s income assistance program. If you pass without a will, the statutory rules of intestate allocated $50,000 to your spouse, increasing their assets past the income assistance eligibility threshold. Your spouse gets removed from income assistance.

Risk of unfavorable asset distribution in other jurisdictions

If you’re someone who owns real property in other provinces or countries and you pass without a will, the assets you own in other jurisdictions will be distributed according to the rules of that specific jurisdiction which may not be ideal.

Your estate may not be allocated to the beneficiaries who need it most

If you have children or other beneficiaries, your spouse will not be entitled to the entire estate according to the rules of intestacy. This may be troublesome if your spouse needs significant support from the estate. Here is a chart of how your assets would be distributed according to the rules of intestacy:

Dies Leaving	Distribution
Spouse and no descendants	Entire estate to spouse
Spouse and descendants of intestate and spouse	to spouse: preferential share of $300,000; furnishings of spousal home and right to acquire spousal home from estate for 180 days after representation grant residue: half to spouse; half to intestate’s descendants pursuant to
Spouse and descendants of intestates but not spouse	to spouse: preferential share of $150,000; furnishings of spousal home; and right to acquire spousal home from estate for 180 days after representation grant residue: half to spouse; half to intestate’s descendants pursuant to
More than one spouse	spousal share divided as the spouses agree or as determined by the court
Descendants but not spouse	equally among the descendants, pursuant
Parents but no descendants	equally to surviving parent or parents
Descendants of parents (deceased’s siblings) but no parent of descendants	equally to the descendants of the intestate’s parents or parent
grandparents or descendants of grandparents (deceased’saunts, uncles, cousins) but no descendants, parents, or descendants of parents	equally to surviving grandparent(s) or, if any grandparent is no longer surviving, that part to descendants of the deceased grandparent
great-grandparents ordescendants of great grandparents, but nodescendants, parents,grandparents, or descendants of grandparents	equally to surviving great grandparent(s) or, if any great-grandparent is not surviving, that part to descendants of the deceased great grandparents

Here is an example of how assets will be distributed if a person passes intestate:

Loss of distribution control if you have a sole successor

If you pass without a will and have a sole beneficiary who is a minor or is mentally incompetent, the Public Guardian and Trustee will have to be notified and may take over the responsibility of your estate distribution. This not just results in you losing control of how you want to distribute your estate, it also results in additional costs.

Avoidable taxable gain and liability for estate tax

Assets that can roll over to your spouse on a tax deferred basis generally can’t roll over to your children on a tax-deferred basis. So in the case that someone passed away without a will, the asset allocations according to the statutory rules might mean extra costs in the form of taxable gains and liability for estate tax.

Guardian for minor children

If you pass away intestate, you lose the ability to select a guardian for minor children (unless you’ve already done so under the family law act) which can be unfavorable for your child depending on who the court appoints as a guardian.

What to Include in the Will

Now that we’ve talked about how important it is to have a will, we can go over what elements are mandatory to include in a will.

Preface

The preface paragraph needs to identify who you are and confirm the intention that the will is intended to be your last will.

Ex.

Revocation of all former wills

Since the court only recognizes the most updated will, it’s imperative to include a paragraph specifically stating that you intend to revoke all previous wills as well as the date of this current will.

Ex.

Appointment of executors and trustees as well as alternatives

An executor is someone that you appoint to handle your estate and carry out your will after you pass. A Trustee is someone who manages specific trusts for you. It’s a good idea to list out your executors and trustees as well as 2 or more alternatives in case they are unwilling to act or continue to act.

Ex.

Appoint Guardians

Passing away with minor children is one of the most worry-inducing situations to be in. Everyone wishes to pass away knowing that their children will be properly taken care of. Make sure to include a section appointing guardian(s) as well as 2 or more alternatives just to be safe.

Ex.

Gifts

This is probably the most important part. In this section, you list out how you want to distribute your assets amongst the beneficiaries. Try to be as comprehensive and specific as possible to ensure your will gets carried out as you intended.

Ex.

RRSP/RRIF, debt, or life insurance beneficiary designations

Outline how to allocate your RRSP/RRIF accounts and life insurance payouts if any. Then include how to deal with debt like funeral expenses, income tax, and estate related taxes as well as which trustee you would like to handle this task.

Administrative powers

In this section, you may grant your executor specific administrative powers. Couple examples are:

The power of sale
The power to compromise claims of creditors
The power to value and distribute property
The power of investment
The power to borrow, secured by mortgage or pledge
The power to manage real estate
The power to make income tax elections and designations.

Ex.

Conditions for a Will to be Recognized in Court

WESA Technical Requirements

WESA (Wills, Estates, and Succession Act) has set some requirements for a will to be considered valid:

The will must be in writing
The will must be signed at its end by the will-maker (or by another person in the will-makers presence and by the will-makers direction)
The will-maker must make or acknowledge the signature in the presence of two or more witness who are both present at the same time
Two or more or more of the witnesses must sign the will in the presence of the will-maker
The will-maker must be at least 16 years of age

*WESA has recently broadened the meaning of presence to include remote signing where parties are in each other’s “electronic presence”

Legal Requirements

Now for the most important part. No matter how perfect and comprehensive your will is, it means nothing if the court does not recognize it to be legal. When that happens, your assets will be distributed as if you passed away without a will, so we want to make sure we get this right. Here are the conditions for your will to be recognized in court according to the Law Society:

Will-maker must have intended the will to have a dispositive effect

Dispositive is basically a fancy (legal) way of describing “the intent to settle a claim, legal issue, or controversy”. So this condition means that the will-maker must intend for the will to serve the purpose of a will.

Will-maker must intend for the will to not take effect until after death and be entirely dependent on death for its operation

This one is pretty self-explanatory.

Will-maker must intend for the will to be revocable

This means that the will-maker must understand that the will can be altered or canceled and intend for the will to be so.

Will-maker must have executed the will in accordance with the formal requirements of WESA

These are the technical requirements we went over in the above section.

Testamentary Capacity

In addition to following the technical and legal requirements, WESA also requires the will-maker to be mentally capable in order for the will to be considered valid. To be mentally capable of making a will means:

The will-maker must understand the nature of the act of making a will and should intend to make a disposition of property effective on death

The person writing the will must understand that the document is intended to resolve claims, legal issues, or controversy of their property after your passing. The will is not valid if the will-maker was coerced or manipulated into making it.

Will-maker must be free of mental disorder

Victims of mental disorders such as Alzheimer’s, dementia, and schizophrenia are deemed as not having the testamentary capacity to create, amend or revoke a will. You will still be able to do these things if you are diagnosed early enough and you are deemed to have testamentary capacity by a medical professional. If your family history has proven you are prone to these mental disorders, it is advised to make a trusted person as your POA (power of attorney) so that if the time comes, they can make amendments for you.

The will-maker must know the nature and extent of their property

You must have a general understanding of the property you own. Don’t worry, the court will not expect you to be able to list out every item of your investment or real estate portfolio.

Will-maker must know the persons who are the object of their bounty

This means that you must know who the beneficiaries are as well as what you are giving them.

Will-maker must understand the manner in which their estate will be distributed

You will need to know and understand how your estate will be distributed to your beneficiaries.

One thing to keep in mind is that testamentary capacity is not something that can be diagnosed. Medical evidence only serves as important and relevant information. Ultimately the court is open to reach a conclusion based on the evidence it has.

Signing (Executing) the Will

The requirements for will signing is quite straightforward. It simply requires your signature, followed by the signature of 2 other witnesses that are not beneficiaries indicating that they witnessed your signature (order matters; you must sign before your witnesses).

Although it’s not required to go to a notary for the will to be legally valid, if your situation is more complex (ex. Child support obligations, blended families, foreign investments), it might be a good idea to go to a notary to save yourself from future complications.

In BC, due to covid-19, the government has permitted online witnessing and signing of wills so you are able to execute your will in the comfort of your home using services like NotaryPro.

After signing the will

Wills notices

After a will has been signed and executed, it might be a good idea to file a wills notice with Vital Statistics. The will notice requires your full name, date, your place of birth, date of execution and the location of the will. By filing a will notice, you now have official records of your estate planning efforts and will minimize further complications down the road. Examples where the deceased has written a will but, his family only knows that he put it in an unknown safety deposit box are quite common.

Wills storage best practices

The Law Society official recommendation is to keep wills in a place where they can be readily located and retrieved when required and free from risk of accidental loss or destruction. If you search “where to store wills” on Google, you will get some interesting results (like in your freezer as it’s the last place to burn in a fire…) Here are some recommended options for will storage:

Store it with your Lawyer

If you went to a lawyer to draft your will, most attorneys will give you the option of storing your will with them for a fee. If you choose to leave your will with your attorney, make sure to tell your family that you’ve done so and mention it in your will notice if you are planning to submit one.

Safety deposit box (only if you’re comfortable with someone else having access)

Only store your will in a joint safety deposit box. If nobody but you has access to the safety deposit box, a court order is required for your family to access it after you pass, which could take a long time. This further delays the probate process and might cause nuances for your loved ones.

Online Will Storage

Since the amendments to Bill 21, BC now recognizes electronically stored wills. Estate document storage tools such as Time Secured are becoming increasingly popular due to its ability to automatically give access to executors and beneficiaries upon passing.